AN  ACT 


I 


TO  INCORPORATE  THE 


RELIANCE  INSURANCE 


AND  TRUST  COMPANY. 


Section  I.  Be  it  enacted  by  the  Senate  and  Home  of 
Representatives  of  the  Commonwealth  of  Pennsylvania  in 
General  Assembly  met ,  and  it  is  hereby  enacted  by  the  au- 
ihority  of  the  same ,  That  Thomas  Hays,  Joseph  H.  New- 
bold,  Jason  L.  Fennimore,  John  B.  Trevor,  Oliver  Fuller, 
Benjamin  M.  Himchman,  John  Naglee,  George  H.  Oliver, 
George  Smith,  John  R.  Vogdes,  Richard  D.  Wood,  J.  V. 
Williamson,  Isaac  R.  Davis,  Thomas  P.  Hoopes,  J.  Coleman 
Fisher,  Samuel  Webb,  Peter  Wright,  Thomas  S.  Smith, 
Samuel  Bispham,  Robert  Toland,  John  B.  Myers,  Jacob  M. 
Thomas,  Evans  Rodgers,  Charles  Harkness,  Ephraim  Haines, 
Samuel  Stokes,  Henry  C.  Corbit,  Henry  Troth,  Thomas 
Snowden,  George  Handy,  William  F.  Johnston,  and  William 
J.  Leiper,  or  any  live  of  them,  be,  and  they  are  hereby  ap¬ 
pointed  commissioners  for  receiving  subscriptions  to  the  capi¬ 
tal  stock  of  a  company  to  be  denominated  “the  Reliance 
Insurance  and  Trust  Company,”  who  shall  open  a  book  for 
that  purpose  in  the  city  of  Philadelphia,  at  a  time  and  place 
to  be  by  them  designated,  and  of  which  they  shall  give  public 
notice  in  two  or  more  daily  newspapers,  published  in  said 
city,  for  two  successive  weeks,  immediately  preceding  the 
time  of  opening  the  book,  as  aforesaid,  and  the  said  book  shall 
be  kept  open  for  three  consecutive  days,  from  ten  o’clock,  A, 
M.  until  two  o’clock,  P.  M.  on  each  day,  or  until  the  number 
of  five  thousand  shares,  at  one  hundred  dollars  per  share,  shall 
have  been  subscribed,  and  all  persons  of  lawful  age  shall  be 
permitted  to  subscribe  to  the  said  stock  by  paying  five  dollars 
on  each  share  at  the  time  of  subscribing.  And  if  the  whole 
number  of  shares  shall  not  have  been  subscribed  within  the 

1 


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three  days  before  mentioned,  the  said  commissioners  shall 
have  power  to  re-open  the  said  book  at  such  times  and  places 
as  they  shall  deem  expedient,  and  continue  the  same  open 
until  the  whole  number  of  shares  shall  have  been  subscribed* 
Provided,  That  all  acts  which  the  said  commissioners  or  any 
five  of  them  are  authorized  to  do,  shall  be  as  effectual  and 
valid  if  performed  by  a  majority  of  them,  or  by  a  committee 
appointed  by  such  majority,  as  if  performed  by  them  all. 

Section  2.  When  one  thousand  shares  of  the  capital 
stock,  as  aforesaid,  shall  have  been  subscribed,  and  at  least 
five  dollars  per  share  paid  in,  the  said  commissioners  shall 
certify  to  the  Governor,  under  their  hands  and  seals,  the  names 
of  the  subscribers  and  the  number  of  shares  by  them  sub¬ 
scribed,  respectively;  and  the  Governor  shall,  thereupon,  by 
letters  patent,  under  his  hand,  and  the  seal  of  the  State,  erect 
and  create  the  subscribers  into  a  body  politic  and  corporate 
in  deed  and  in  law,  by  the  name,  style  and  title  of ‘‘  the  Reli¬ 
ance  Insurance  and  Trust  Company,”  to  be  located  in  the  city 
or  county  of  Philadelphia,  by  which  name,  style  and  title  the 
said  subscribers  shall  have  perpetual  succession,  and  shall  be 
able  to  sue  and  be  sued,  plead  and  be  impleaded,  in  all 
courts  of  record,  and  elsewhere;  and  to  purchase,  receive, 
have,  hold,  use,  occupy,  possess,  and  enjoy  to  them  and  their 
successors,  lands,  tenements,  hereditaments,  goods,  chattels, 
and  effects,  of  what  nature,  quality,  or  kind  soever,  real,  per¬ 
sonal,  or  mixed,  necessary  or  convenient,  to  carry  into  effect 
the  powers  and  privileges  hereinafter  granted,  and  to  receive 
and  collect  all  promissory  notes  or  choses  in  action,  taken  in 
the  course  of  their  corporate  business,  and  the  same  from 
time  to  time  to  sell,  demise,  grant,  alien,  or  dispose  of.  Pro¬ 
vided,  That  the  yearly  income  of  the  real  estate  so  held,  ex¬ 
cept  such  as  shall  be  necessary  and  convenient  for  the  trans¬ 
action  of  its  business,  or  which  may  be  conveyed  to  said 
company  in  trust,  or  for  the  security,  or  in  payment  of  any 
debt  which  may  become  due  or  owing  to  the  same,  or  in  satis¬ 
faction  of  any  judgment  of  any  court  of  law,  in  its  favor,  shall 
not  exceed  the  sum  of  six  thousand  dollars.  And  the  said 
company  shall  have  power  to  make,  have,  and  use  a  common 
seal,  and  the  same,  at  pleasure,  to  break,  alter  and  renew. 

Section  3.  The  capital  stock  of  said  company  shall  be 
called  in  and  paid  at  such  times  and  places,  and  in  such  pro¬ 
portions  and  instalments  as  the  president  and  directors  shall 
require,  giving  public  notice  thereof  for  three  successive 


3 


weeks  fn  two  or  more  daily  newspapers  published  in  the  city 
of  Philadelphia,  and  if  any  stockholder  shall  neglect  to  pay 
such  proportion  or  instalment  at  the  time  and  place  appointed, 
he  shall,  in  addition  to  the  proportion  or  instalment  so  called 
for,  pay  at  the  rate  of  one  per  cent,  per  month  for  the  delay 
of  such  payment,  and  if  the  same  and  the  additional  penalty, 
or  any  part  thereof  shall  remain  unpaid  for  the  period  of  six 
months,  he  shall,  at  the  discretion  of  the  directors,  forfeit  to 
the  use  of  the  company  all  his  right,  title  and  interest  in  and  to 
every  and  all  share  or  shares,  on  account  of  which  such  default 
in  payment  may  be  made,  as  aforesaid ;  or  the  president  and 
directors,  may,  at  their  option,  cause  suit  to  be  brought  before 
any  competent  tribunal  for  the  recovery  of  the  amount  due  on 
such  stock,  together  with  the  penalty  of  one  per  cent,  a  month, 
as  aforesaid,  and  in  the  event  of  a  forfeiture,  the  share  or 
shares  so  forfeited  may  be  disposed  of  at  the  discretion  of  the 
president  and  directors  under  such  rules  and  regulations  as 
may  be  prescribed  by  the  by-laws.  Provided ,  That  no 
stockholder  shall  be  entitled  to  vote  at  any  election  or  at  any 
general  or  special  meeting  of  the  company,  on  whose  share  or 
shares  any  instalment  or  arrearages  may  be  due  more  than 
ten  days  previously  to  said  election  or  meeting. 

Section  4.  The  affairs  of  the  company  shall  be  managed 
by  nine  directors,  of  whom  five  shall  be  a  quorum  for  the 
transaction  of  business,  who  shall  be  citizens  of  this  common¬ 
wealth  and  stockholders  of  said  company,  holding  at  least  five 
shares  each,  in  their  own  right,  and  who  shall  be  elected  an¬ 
nually  on  the  third  Monday  of  December  by  the  stockholders 
at  their  general  meeting  assembled  for  that  purpose,  of  which 
meeting  public  notice  shall  have  been  given  in  two  or  more 
daily  newspapers,  published  in  said  city,  for  three  successive 
weeks  immediately  preceding  the  holding  of  the  same,  and 
the  directors  at  their  first  meeting  after  each  election,  shall 
choose  one  of  their  number  as  president,  but  in  case  it  should 
happen  at  any  time  that  an  election  of  directors  should  not  be 
made,  when,  pursuant  to  this  act  it  ought  to  have  been  made, 
the  company  for  that  cause  shall  not  be  dissolved,  and  it  shall 
be  lawful  within  forty  days  thereafter  to  hold  and  make  an 
election  of  directors  in  such  manner  as  shall  be  regulated  by 
the  by-laws  and  regulations  of  said  company;  and  in  case  of 
the  death,  resignation,  or  removal  from  office  of  any  director, 
his  place  may  be  filled  for  the  remainder  of  the  term  in  such 
manner  as  the  regulations  of  the  company  for  that  purpose 


4 


shall  direct.  Provided ,  That  the  first  election  of  directors 
shall  be  held  at  a  time  tfnd  place  to  be  appointed  by  the  com¬ 
missioners  before  mentioned,  they  giving  notice  thereof  in 
manner  aforesaid,  and  the  directors  so  chosen  shall  hold  their 
offices  until  the  third  Monday  of  December  following,  and 
until  new  directors  shall  be  chosen.  The  votes  of  stockhold¬ 
ers  for  the  election  of  directors,  shall  be  by  ballot,  and  each 
share  in  the  stock  of  said  company  shall  entitle  the  holder  to 
one  vote,  but  no  person  shall  vote  by  proxy,  nor  shall  any 
stockholder  vote  at  any  election  for  directors  unless  the  share 
or  shares  on  which  he  or  she  may  claim  to  vote,  shall  have 
been  standing  in  his  or  her  name  at  least  thirty  days  previous 
to  such  election. 

Section  5.  The  president  and  directors,  for  the  time  being, 
shall  have  power  to  establish  and  appoint  such,  and  so  many 
officers,  clerks,  agents,  or  agencies  in  this  State  or  elsewhere, 
as  shall  be  by  them  deemed  convenient  or  necessary  for  con¬ 
ducting  and  performing  the  business  of  the  said  company,  to 
fix  their  compensation,  to  take  bonds  from  all  or  any  of  them, 
with  security  conditioned  for  the  faithful  execution  of  their 
several  duties  ;  to  make  such  covenants,  contracts,  and  agree¬ 
ments  as  they  may  deem  proper  to  ordain,  establish,  and  put 
in  execution  all  such  ordinances,  regulations,  and  by-laws  as 
may  appear  necessary  for  the  government  or  conducive  to  the 
interests  of  the  company,  not  being  contrary  to  the  fundamen¬ 
tal  articles  thereof,  to  the  constitution  and  Jaws  of  the  United 
States  and  this  commonwealth,  and  generally  to  do,  execute, 
and  perform  all  acts,  matters  and  things  in  relation  to  the 
business  thereof,  which  a  corporation  may  or  can  lawfully  do. 
Provided ,  That  all  such  ordinances,  regulations  and  by-laws 
as  shall  be  made  by  the  directors  may  be  altered  or  repealed 
by  a  majority  of  the  stockholders,  at  any  annual  meeting,  or 
at  any  special  meeting,  which  may  be  called  for  that  purpose 
by  any  ten  of  the  stockholders,  of  which  special  meeting  at 
least  three  weeks  previous  public  notice  shall  be  given  in  two 
or  more  daily  newspapers  published  in  said  city.  And  a  ma¬ 
jority  of  the  stockholders  may  at  any  annual  or  special  meet¬ 
ing,  convened  as  aforesaid,  adopt  by-laws  which  shall  be 
binding  upon  the  directors,  such  by-laws  not  being  contrary 
to  the  laws  of  this  State  or  of  the  United  States. 

Section  G.  The  said  company  shall  have  full  power  and 
authority  to  make  insurances  and  to  guarantee  against  losses 
by  fire,  at  such  rate  of  premium  as  may  be  agreed  upon  on 


5 


any  house,  tenement,  church,  manufactory,  or  other  build¬ 
ings,  on  machinery,  lumber,  building,  or  other  materials,  ves¬ 
sels  on  the  stocks,  and  on  goods,  wares,  merchandize,  commo¬ 
dities,  or  other  effects,  and  on  hay,  grain,  and  other  agricul¬ 
tural  products  in  barns,  stacks,  or  otherwise,  and  generally 
upon  all  kinds  of  buildings,  goods,  wares,  merchandize,  com¬ 
modities  or  effects,  together  with  every  species  of  property, 
pursuit  or  business,  in  the  pursuit  or  prosecution  of  which, 
there  is  or  may  be  any  loss  or  risk,  and  also  to  grant  annuities 
and  make  and  effect  insurances  on  lives,  of  whatsoever  sort  or 
nature;  and  in  like  manner  for  such  rate  of  premium  as  may 
be  agreed  upon  to  insure  and  guarantee  against  loss  on  ma¬ 
rine,  or  other  risks,  of  whatsoever  kind  or  nature,  upon 
steamboats,  ships,  vessels,  canal  boats,  or  other  craft,  on  the 
ocean  or  elsewhere,  and  upon  goods,  wares,  merchandize, 
commodities  or  effects,  of  whatsoever  kind  or  nature,  shipped 
or  transported,  or  to  be  shipped  or  transported  by  water  or 
land,  or  partly  by  water  and  partly  by  land:  likewise  on 
specie,  bullion,  or  money  shipped,  transported,  or  remitted,  or 
to  be  shipped,  transported,  remitted,  delivered  or  paid;  also, 
to  take,  receive,  and  hold  in  trust  or  otherwise,  any  descrip¬ 
tion  of  property,  real  or  personal,  and  the  said  trusts  or  other 
engagements  to  execute  and  perform  according  to  the  terms 
and  conditions  thereof,  and  generally  to  make,  execute  and 
perfect  such  contracts,  bargains,  agreements,  policies,  and 
other  instruments,  as  shall  or  may  be  necessary,  and  as  the 
nature  of  the  case  may  require,  and  every  such  contract,  bar¬ 
gain,  agreement,  policy,  or  other  instrument  to  be  made  by 
the  said  company,  shall  be  in  writing  or  in  print,  and  signed 
by  the  president  and  secretary,  or  by  such  other  officer  or 
officers  as  the  directors  may  appoint  for  that  purpose. 

Section  7.  It  shall  be  lawful  for  the  said  company  to  em¬ 
ploy  and  improve  the  capital  stock  thereof,  and  all  moneys 
received  for  premiums  in  trust  or  otherwise,  in  any  available 
loans  or  stocks,  or  to  lend  the  same  or  any  part  thereof  upon 
any  good  and  sufficient  security,  and  also  to  sell  and  dispose 
of  and  transfer  all  or  any  of  the  said  loans,  stocks  and  securi¬ 
ties,  and  invest  the  proceeds  thereof,  in  like,  and  other  such 
loans,  stocks  and  securities.  Provided ,  That  nothing  herein 
contained  shall  in  any  way  be  construed  to  authorize  the  said 
company  to  use  their  capital  stock  or  other  funds  for  banking 
purposes. 

Section  8.  The  president  and  directors  of  said  company, 


6 


shall,  on  the  first  Mondays  of  December  and  June,  in  each 
and  every  year,  declare  and  divide  so  much  of  the  profits  of 
said  company  as  to  them  shall  appear  advisable,  first  deduct¬ 
ing  all  expenses,  and  pay  the  said  dividend  to  the  respective 
stockholders,  or  their  agents,  duly  empowered,  in  ten  days 
after  declaring  the  same,  but  the  moneys  received  as  pre¬ 
miums  upon  risks  which  remain  outstanding  and  undetermined 
at  the  time  of  declaring  such  dividends,  shall  not  then  be  con¬ 
sidered  as  part  of  the  profits  of  said  company,  or  divided  as 
such ;  and  if  any  loss  shall  happen  whereby  the  capital  stock 
of  said  company  shall  be  lessened  no  subsequent  dividend  shall 
be  made  until  a  sum  equal  to  such  diminution  shall  have  been 
added  to  the  said  capital  stock;  and  if  the  president  and  di¬ 
rectors  shall  knowingly  make  a  dividend  or  dividends  contrary 
to  the  true  intent  and  meaning  of  the  prohibitions  herein  con¬ 
tained,  such  of  them  as  shall  consent  thereto,  shall,  in  their 
individual  capacities  be  accountable  for  and  pay  over  to  the 
said  company,  for  the  use  thereof,  as  much  money  as  they 
may  so  divide  and  pay,  more  than  by  this  act  they  are  au¬ 
thorized  to  do,  and  the  president  and  each  director  of  the  said 
company  in  office  at  the  time  of  making  such  dividend,  here¬ 
by  prohibited,  shall  be  deemed  as  consenting  thereto,  unless 
he  or  they,  shall,  at  the  time  of  making  and  declaring  the 
same  be  absent  from  the  board  of  directors,  or  if  present,  shall 
immediately  enter  his  or  their  protest  or  protests  on  the 
minutes  of  the  board,  and  also  give  notice  thereof  in  two  or 
more  newspapers  published  in  said  city.  Provided ,  That 
every  regulation  which  the  board  of  directors,  with  the  con¬ 
sent  or  by  the  direction  of  a  majority  of  the  stockholders  may 
make  in  regard  to  declaring  of  dividends,  and  the  accumula¬ 
tion  or  diminution  of  the  funds  of  the  company,  shall  be  bind¬ 
ing  on  all.  Jlnd9  provided  further ,  That  if  the  said  company 
should  fail  at  any  time  to  meet  its  engagements,  each  person 
holding  stock  at  the  time  of  such  failure  shall  be  liable  in  his 
individual  capacity  for  the  debts  of  said  company,  to  the 
amount  of  the  balance  unpaid  on  the  stock  so  by  him  held. 

Section  9.  The  stock  of  said  company  shall  be  transferable 
on  the  books  of  said  company,  only  according  to  such  rules 
and  regulations  as  may  be  prescribed  by  the  by-laws. 

Section  10.  If  at  any  time  it  shall  appear  to  the  legisla¬ 
ture  that  the  said  company  has  abused  or  misused  any  of  the 
privileges  hereby  granted,  the  power  to  repeal  this  act  shall 
in  no  wise  be  denied  or  impaired,  but  such  repeal  shall  in  no 


7 


wise  effect  the  engagements  to  which  said  company  may  have 
become  a  party  previously  thereto,  nor  shall  it  be  done  in 
such  manner  as  to  do  injustice  to  the  corporators. 

WM.  A.  CRABB, 

Speaker  of  the  House  of  Representatives. 

JOHN  H.  EWING, 
Speaker  of  the  Senate. 

Approved  the  twenty-first  day  of  April,  one  thousand  eight 
hundred  and  forty-one. 

DAVID  R.  PORTER. 

Pennsylvania  ss. 

Secretary’s  Office . 

I  certify  that  the  within  and  foregoing  is  a  true  copy  of  the 
original  Act,  as  the  same  remains  tiled  in  this  office. 

Witness  my  hand  and  the  seal  of  said  office,  at  Harrisburg, 
the  3d  day  of  May,  A.  D.  1841. 

FRANCIS  R.  SHUNK, 
Secretary  of  the  Commonwealth. 


8 


AN  ACT 

Supplementary  to  an  act  entitled  u  An  Act  to  incorpcm 

rate  the  Reliance  Insurance  and  Trust  Company  or 

Philadelphia.” 

Section  1.  Be  it  enacted  by  the  Senate  and  House  of 
Representatives  of  the  Commonwealth  of  Pennsylvania , 
in  General  Assembly  met ,  and  it  is  hereby  enacted  by  the 
authority  of  the  same ,  That  the  name,  style  and  title  of 
“  The  Reliance  Insurance  and  Trust  Company  of  Philadel¬ 
phia,”  authorized  by  an  act  approved  the  twenty-first  day  of 
April,  eighteen  hundred  and  forty-one,  shall  be,  and  the  same 
is  hereby  changed  to  that  of  “The  Reliance  Mutual  Insu¬ 
rance  Company  of  Philadelphia,”  and  by  that  name,  style  and 
title,  shall  have  and  enjoy  the  rights  and  privileges,  and  be 
subject  to  the  restrictions  and  penalties  in  said  act  mentioned, 
except  as  hereinafter  provided,  and  the  capital  stock  of  said 
company  shall  be  reduced  to  one  hundred  and  fifty  thousand 
dollars,  to  be  divided  into  shares  of  fifty  dollars  each,  and  to  be 
subscribed  and  paid  in  according  to  the  provisions  of  the  act 
to  which  this  is  a  supplement. 

Section  2.  All  persons  who  shall  insure  with  the  said 
company,  and  pay  or  secure  to  be  paid  the  premium  on  the 
risks  insured  against,  in  the  manner  required  by  the  said 
company,  and  the  executors,  administrators,  and  assigns  of 
such  persons  continuing  to  be  so  insured,  may  thereby  become 
members  of  said  company  and  be  entitled  to  a  prorata  share 
of  any  profits  that  may  be  made  by  such  insurances  during  the 
period  they  shall  remain  so  insured,  and  no  longer,  which  said 
profits  shall  be  declared  and  divided  as  hereinafter  directed. 

Section  3.  The  directors  shall  on  the  first  Monday  in 
November  in  each  and  every  year,  cause  a  balance  to  be 
struck  of  the  affairs  of  said  company,  and  if  there  shall  be  any 
ascertained  profits  after  paying  all  the  losses  and  expenses  of 
said  company  for  the  year  preceding,  they  shall  first  set  aside 
for  the  use  of  the  stockholders,  a  sum  equal  to  an  interest  of 
six  per  cent,  per  annum,  on  the  amount  of  capital  stock  paid 
in  out  of  said  profits,  if  so  much  remains  after  paying  said 
losses  and  expenses,  and  the  remainder  of  said  profits,  if  any, 
shall  be  divided  prorata  amongst  the  stockholders  and  insured 
members,  and  within  thirty  days  after  the  said  balance  shall 
be  struck,  as  aforesaid,  and  before  making  any  other  distri- 


9 


bution  or  disposition  of  the  profits  of  said  company,  the  direc* 
tors  shall  cause  to  be  paid  in  cash  to  the  said  stockholders,  the 
said  interest  of  six  per  cent.,  and  for  the  remaining  profits,  if 
any,  they  shall  cause  to  be  issued  the  certificates  of  said  com¬ 
pany  to  the  respective  stockholders  and  insured  members,  as 
follows:  that  is  to  say,  to  each  stockholder  a  certificate  stating 
the  amount  due  him  for  such  a  proportion  of  the  said  remain¬ 
ing  profits  as  the  stock  held  by  him  may  bear  to  the  aggregate 
or  collective  amount  of  stock  paid  in,  and  premiums  earned, 
and  to  each  insured  member  a  like  certificate  for  such  a  pro¬ 
portion  of  the  said  remaining  profits  as  the  premiums  paid  by 
him,  on  risks  determined,  may  bear  to  the  aggregate  or  col¬ 
lective  amount  of  the  stock  paid  in  and  premiums  earned,  the 
said  certificates  to  be  entitled  to  an  interest  or  dividend  not 
exceeding  six  per  cent,  per  annum,  to  be  paid  out  of  the  re¬ 
maining  profits,  if  any,  of  the  years  succeeding,  or  they  may 
be  received  in  payment  of  the  stock  of  said  company,  as  here¬ 
inafter  provided;  but  no  certificate  shall  issue  unless  claimed 
within  two  years  after  the  declaration  of  the  dividend  or 
profit,  whereof  it  is  the  evidence,  and  the  amount  of  such  un¬ 
claimed  certificate,  shall,  after  the  expiration  of  that  time  be 
carried  to  the  credit  of  said  company. 

Section  4.  No  patt  of  the  income  or  profits  of  the  said 
company,  shall  in  any  case  be  withdrawn,  except  as  herein 
provided  for,  but  the  same  shall  remain  equally  with  the  ca¬ 
pital  stock  liable  to  the  payment  of  all  the  losses  and  expenses 
thereof;  and  such  liability  shall  be  expressed  on  the  face  of 
the  certificates  to  be  issued,  as  aforesaid ;  nor  shall  any  inter¬ 
est  be  paid,  dividend  declared,  or  certificates  issued,  either  to 
stockholders,  insured  members,  or  certificate  holders,  whereby 
the  capital  stock  of  said  company  shall  be  reduced  or  im¬ 
paired  ;  nor  shall  any  interest  or  dividend  be  paid  on  any  cer¬ 
tificates  until  the  interest  on  the  capital  stock  shall  first  be 
provided  for. 

Section  5.  No  certificate  shall  issue  for  any  sum  less  than 
twenty-five  dollars,  nor  for  any  fractional  part  of  five  dollars. 
The  said  certificates  shall  be  transferable  on  the  books  of  the 
company  only,  and  a  transfer  book  shall  be  kept  for  that  pur¬ 
pose.  No  certificate  shall  issue  to  any  person  indebted  to  said 
company,  and  no  transfer  of  any  certificate  shall  be  permitted 
so  long  as  the  holder  thereof  is  indebted  to  said  company. 
And  all  certificates  shall  be  subject  to  and  bound  by  any 
judgment  the  company  may  obtain  against  the  holder  thereof, 

2 


10 


and  the  interest  of  such  holder  may  be  sold  under  an  execu¬ 
tion  issued  on  said  judgment  in  like  manner  as  any  other  spe¬ 
cies  of  personal  property. 

Section  6,  No  insured  member,  certificate  holder,  or 
stockholder,  shall  in  any  case  be  liable  over  and  above  the 
precise  amount  of  the  premium  paid  by  him,  or  the  amount 
of  the  certificate,  or  the  amount  of  the  stock  held  by  him,  and 
when  such  premium,  or  such  certificate,  or  such  stock  shall  be 
absorbed  by  the  losses,  debts,  or  expenses  of  said  company, 
all  liability  or  responsibility  on  his  part  shall  cease. 

Section  7.  At  any  general  meeting  or  election  held  by  the 
stockholders  and  insured  members  of  said  company,  each 
share  of  stock  shall  entitle  tfie  holder  thereof  to  one  vote ;  and 
each  insured  member  shall  be  entitled  to  one  vote  for  every 
sum  of  fifty  dollars  by  him  paid  as  a  premium  of  insurance 
during  the  year  preceding,  but  no  person  shall  vote  by  proxy, 
nor  shall  any  stock  which  is  hypothecated  entitle  the  holder 
thereof  to  any  vote.  Insurances  may  be  made  and  risks 
taken  by  said  company  agreeably  to  the  provisions  of  the  act 
to  which  this  is  a  supplement,  without  the  parties  insured 
becoming  members  or  being  entitled  to  any  of  the  profits 
thereof,  and  re-insurance  may  be  obtained  by  said  company 
for  any  risk  against  which  they  may  have  insured,  whenever, 
and  to  such  an  extent  as  the  directors  or  officers  thereof  may 
deem  it  expedient. 

Section  8.  Suits  at  law  may  be  prosecuted  and  main¬ 
tained  by  any  stockholder  or  insured  member  against  said 
company,  for  losses  or  damages  insured  against  by  them,  if 
the  payment  is  withheld  more  than  sixty  days  after  the  said 
company  shall  have  been  duly  notified  of  such  loss  or  damage, 
and  no  stockholder  or  insured  member  of  said  company,  not 
being  in  his  individual  capacity  a  party  to  such  suit  shall  be 
deemed  incompetent  as  a  witness. 

Section  9.  The  certificates  to  be  issued  as  aforesaid,  may 
at  any  time  be  received  in  payment  of,  or  be  converted  into 
the  capital  stock  of  said  company,  under  such  rules  and  regu¬ 
lations  as  the  directors  thereof  may  from  time  to  time  make 
and  establish;  and  it  shall  be  lawful  for  the  said  company  at 
any  general  meeting  of  the  stockholders  and  insured  members, 
to  be  called  for  that  purpose,  after  two  weeks  public  notice, 
to  be  given  in  at  least  two  of  the  daily  newspapers,  published 
in  said  city,  to  increase  the  capital  stock  of  said  company  to 
three  hundred  thousand  dollars,  to  be  divided  into  shares  of 


11 


fifty  dollars  each,  and  when  said  capital  stock,  actually  paid 
in,  shall  amount  to  three  hundred  thousand  dollars,  or  when 
the  amount  of  said  stock,  so  paid  in,  together  with  the  ascer¬ 
tained  profits,  after  paying  all  losses  and  expenses,  shall  in  the 
aggregate  amount  to  the  said  sum  of  three  hundred  thousand 

ollars,  all  the  future  profits  of  said  company,  after  paying 
losses  and  expenses,  may  be  divided  and  paid  'in  cash  to  the 
stockholders  and  insured  members,  prorata,  as  provided  in 
the  third  section  of  this  act  in  relation  to  the  issuing  of  certi¬ 
ficates  of  profit,  or  the  same  may  be  applied  to  the  purchase 
or  redemption  of  the  certificates  issued  by  said  company,  in 
such  manner  and  at  such  times  as  the  directors  may  deem 
expedient,  and  all  claim  or  right  to  interest  or  dividend  on 
said  certificates,  shall  cease  after  two  weeks  notice,  published 
in  at  least  two  of  the  daily  newspapers  of  said  citv,  that  the 
company  will  redeem  or  pay  the  same,  which  said  notice  shall 
designate  the  certificates  to  be  so  redeemed  or  paid ;  and  if  the 
holders  o  1  said  certificates  shall  not  within  five  years  there¬ 
after  present  the  same  for  redemption  or  payment,  the  said 
certificates  shall  be  cancelled  on  the  books  of  the  company 
and  the  amount  thereof  shall  be  carried  to  the  credit  of  the 
company. 

Section  10.  The  said  company  may  from  to  time  receive 
notes  or  other  securities,  real  or  personal,  for  premiums  from 
persons  intending  to  effect  insurances  therewith,  or  from  any 
other  person  or  persons,  under  such  regulations  or  agreements 
as  shall  be  authorized  by  the  directors,  which  said  notes  or 
other  securities  may  be  negotiated,  transferred,  or  conveyed 
by  the  said  company,  for  the  purpose  of  paying  claims,  for 
losses  accruing  in  the  course  of  its  business,  and  on  such  por¬ 
tion  of  the  said  notes  or  securities  as  may  exceed  the  amount 
of  the  premiums  paid  or  agreed  to  be  paid  by  the  parties 
from  whom  the  same  may  have  been  received,  the  said  com¬ 
pany  may  allow  and  pay  such  interest  or  other  compen¬ 
sation,  not  exceeding  five  per  cent,  per  annum,  as  may  be 
agreed  upon  by  the  directors. 

Section  11  No  loan  of  any  part  of  the  capital  stock  or 
other  tunas  of  said  company,  shall  in  any  case,  directJy  or  in¬ 
directly,  be  made  to  any  director,  officer,  or  agent  of  said 
company. 

Section  12.  Within  thirty  days  after  the  affairs  of  said 
company  shall  be  ascertained,  on  the  first  Monday  in  Novem¬ 
ber,  annually,  as  provided  by  the  third  section  of  this  act,  the 


12 


directors  or  officers  of  said  company  shall  cause  a  general 
balance  sheet  of  said  affairs  to  be  made,  which  shall  contain: 
First .  The  amount  of  premiums  received  during  the  previous 
year.  Second .  The  amount  of  expenses  incurred  during  the 
previous  year.  Third .  The  amount  of  the  losses  incurred 
during  the  previous  year.  Fourth .  The  balance  remaining 
with  the  company,  and  the  nature  of  the  securities  in  which 
the  same  is  invested ;  and  the  said  balance  sheet  or  statement 
shall  be  published  for  one  week,  in  at  least  two  of  the  daily 
newspapers,  published  in  said  city,  and  a  printed  copy  thereof 
shall  be  furnished  to  each  member,  on  request,  at  the  office 
of  said  company. 

Section  13.  So  much  of  the  act  to  which  this  is  a  supple¬ 
ment,  as  is  inconsistent  herewith,  shall  be,  and  the  same  is 
hereby  repealed. 

HENDRICK  B.  WRIGHT, 
Speaker  of  the  House  of  Representatives. 

B.  CRISPIN, 
Speaker  of  the  Senate. 

Approved,  the  eighteenth  day  of  April,  one  thousand  eight 
hundred  and  forty-three. 

DAVID  R.  PORTER. 

Pennsylvania  ss. 

Secretary's  Office . 

I  certify  the  annexed  and  foregoing  to  be  a  true  copy  of 
the  original  act  of  the  General  Assembly,  as  the  same  remains 
on  file  in  this  office. 

Witness  my  hand  and  the  seal  of  said  office,  at  Harrisburg, 
this  twenty-fourth  day  of  April,  A.  D.  1843. 

EDWARD  W.  HUTTER, 
Deputy  Secretary  of  the  Commonwealth. 


13 


A  FURTHER  SUPPLEMENT  TO  AN  ACT  ENTITLED  “An  ACT  TO 
INCORPORATE  THE  RELIANCE  INSURANCE  AND  TRUST  CoM- 
pan  y”  of  Philadelphia,  approved  the  twenty-first  day 
of  April,  eighteen  hundred  and  forty-one. 

Section  1.  Be  it  enacted  by  the  Senate  and  House  of  Re¬ 
presentatives  of  the  Commonwealth  of  Pennsylvania  in  Gene¬ 
ral  Assembly  met ,  and  it  is  hereby  enacted  by  the  authority 
of  the  same ♦  That  the  period  for  striking  a  balance  of  the  af¬ 
fairs  of  said  Company,  in  the  manner  directed  in  the  third 
section  of  the  supplementary  act,  approved  the  eighteenth 
day  of  April  eighteen  hundred  and  forty-three,  shall  be  and 
the  same  is  hereby  changed  from  the  first  Monday  in  No¬ 
vember  to  the  thirty-first  day  of  December,  annually,  (unless 
the  same  shall  be  Sunday,  and  then  on  the  day  previous)  and 
the  other  matters  and  things  by  the  said  supplementary  act 
required  to  be  done  and  performed  within  thirty  days  next 
succeeding  the  said  first  Monday  in  November,  shall  be  done 
and  performed,  except  as  is  hereinafter  otherwise  provided, 
within  thirty ^days  next  succeeding  the  said  thirty-first  day 
of  December,  annually :  And  so  much  of  said  supplementary 
act  as  prohibits  the  issuing  of  any  certificate  for  the  “  remain¬ 
ing  profits ”  therein  named  “  unless  claimed  within  two  years 
after  the  declaration  of  the  dividend  or  profit  whereof  it  is 
the  evidence,”  and  so  much  of  the  same  act  as  declares  that 
“  no  certificate  shall  issue  for  any  less  sum  than  twenty-five 
dollars  nor  for  any  fractional  part  of  five  dollars,”  shall  be 
and  the  same  are  hereby  repealed;  but  no  such  certificate 
shall  be  issued  for  any  less  sum  than  ten  dollars  nor  for  any 
fractional  part  of  one  dollar;  And  when  the  said  “  remaining 
profits  ”  accruing  to  any  stockholder  or  insured  member, 
within  any  one  year,  shall  amount  to  less  than  ten  dollars  and 
not  less  than  one  dollar,  the  amount  thereof  shall  be  credited 
on  the  books  of  the  Company,  to  the  party  to  whom  the  same 
has  accrued;  and  if  the  amount  so  credited  shall,  within  any 
term  of  ten  years,  but  not  otherwise,  amount  to  ten  dollars, 
the  said  party  shall  be  entitled  to  receive  a  certificate  there¬ 
for  as  in  other  cases.  All  contracts  for  insurance  made 
with  said  Company,  terminating  within  any  one  year,  shall 
entitle  the  parties  making  the  same,  to  participate  in  manner 


14 


aforesaid,  in  the  profits  of  that  year;  and  on  moneys  deposited 
by  way  of  premiums  for  perpetual  insurances,  interest  shall 
be  computed  at  the  rate  of  five  per  centum  per  annum,  and 
the  portion  of  the  said  “  remaining  profits,”  if  any,  to  which 
the  depositors  shall  be  entitled,  shall  be  the  proportion  the 
amount  of  such  interest  may  bear  to  the  aggregate  or  col¬ 
lective  amount  of  stock  paid  in  and  premiums  earned.  But 
no  dividend  of  the  said  “  remaining  profits,”  shall  be  made 
or  declared  less  than  one  per  cent,  on  the  aggregate  or  col¬ 
lective  amount  of  stock  paid  in  and  premiums  earned:  And 
annually,  before  making  or  declaring  any  such  dividend,  the 
directors  shall  reserve  out  of  such  “  remaining  profits,”  for 
contingencies,  such  reasonable  amount  as  they  may  deem 
expedient,  not  in  any  one  year  exceeding  two  per  cent,  on 
the  said  aggregate  or  collective  amount  of  stock  paid  in  and 
premiums  earned.  And  the  amount  of  all  such  “  remaining 
profits  ”  less  than  one  per  cent,  together  with  the  amount 
reserved  by  the  directors  for  contingencies,  as  aforesaid,  and 
all  amounts  accruing  to  any  individual  or  party  in  any  one 
year,  less  than  one  dollar,  and  not  credited  on  the  books  of 
the  Company,  and  the  fractional  parts  of  a  dollar  above  ten 
dollars,  accruing  to  any  individual  or  party  and  not  included 
in  a  certificate,  and  the  sums  credited  on  the  said  books  to 
any  individual  or  party,  less  than  ten  dollars,  in  any  term  of 
ten  years,  together  with  the  amounts  of  all  certificates  or  all 
sums  entitling  individuals  or  parties  to  certificates,  remain¬ 
ing  unclaimed  for  the  teim  of  three  years  after  the  declara¬ 
tion  of  the  dividend  or  profit  entitling  the  parties  to  the  same, 
shall  accrue  to  the  Company  and  be  carried  to  the  contin¬ 
gent  fund  thereof,  Provided ,  that  the  estimates  and  dividends 
of  profits  to  be  made  and  declared  by  the  directors  under  the 
provisions  of  said  supplementary  act  and  this  act,  shall  be 
conclusive  and  binding  upon  the  Company  and  upon  all  per¬ 
sons  entitled  to  participate  in  the  profits  thereof. 

Section-  2.  The  directors  of  said  Company  shall  hereafter 
be  elected  on  the  first  Monday  in  February,  annually,  in¬ 
stead  of  the  third  Monday  in  December,  in  the  manner  and 
subject  to  the  provisions  and  conditions  mentioned  in  the  act 
to  which  this  is  a  further  supplement;  and  the  president  and 
directors  now  in  office  shall  serve  until  the  first  Monday  in 
February  eighteen  hundred  and  forty-six,  and  until  others 
are  elected  in  their  stead. 


15 


Section  3.  Any  money  or  estate,  real  or  personal,  con¬ 
fided  to  the  said  Company  in  trust,  shall  be  liable  only  for 
the  contracts,  engagements,  or  performances  growing  out  of 
or  appertaining  to  said  trusts.  And  in  all  cases  where  ap¬ 
plication  shall  be  made  to  any  Court  in  this  Commonwealth 
for  the  appointment  of  any  trustee,  receiver,  assignee,  or 
guardian,  or  of  any  committee  of  any  lunatic,  it  shall  be  law¬ 
ful  for  such  Court  to  appoint  said  Company,  with  their  con¬ 
sent,  to  be  such  trustee,  receiver,  assignee,  guardian  or 
committee;  and  in  case  of  such  appointment,  the  said  com¬ 
pany  shall  not  be  required  to  give  security,  but  shall  be  re¬ 
sponsible  for  the  goodness  of  all  investments  made  by  them 
of  the  funds  committed  to  their  care  by  such  appointment : 
And  the  accounts  of  said  Company  as  such  trustee,  receiver, 
assignee,  guardian,  or  committee,  shall  be  regularly  settled 
and  adjusted  by  the  proper  tribunals ;  and  all  legal,  proper 
and  customary  charges,  costs  and  expenses,  shall  be  allowed 
to  the  said  Company  for  their  care  and  management  of  the 
funds  and  estates  so  committed  to  them. 

FINDLEY  PATTERSON, 
Speaker  of  the  House  of  Representatives. 

WILLIAM  P.  WILCOX, 
Speaker  of  the  Senate. 

Approved  the  twenty-fourth  day  of  February,  one  thou¬ 
sand  eight  hundred  and  forty-five. 

FRS.  R.  SHUNK. 

Pennsylvania ,  ss. 

I  Certify  the  within  and  foregoing,  to  be  a  true  copy  of 
the  original  act,  entitled  “A  further  Supplement  to  an  act, 
entitled  “An  act  to  incorporate  the  Reliance  Insurance  and 
Trust  Company”  of  Philadelphia,  approved  the  twenty-first 
day  of  April,  eighteen  hundred  and  forty-one,  now  remain¬ 
ing  on  file  in  this  office. 

In  testimony  whereof,  I  have  hereunto  set  my  hand  and 
the  Seal  of  the  Secretary’s  Office,  at  Harrisburg,  this 
twenty-sixth  day  of  February,  in  the  year  of  our  Lord 
one  thousand  eight  hundred  and  forty-five. 

H.  PETRIKIN, 

Dep.  Sec.  Commth. 


3  0112  098918946 


